CAG vs PEP: Correlation
ConAgra Brands, Inc. (CAG) and PepsiCo (PEP) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and PEP?
On 3 years of weekly data the CAG/PEP correlation comes out at 0.50, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.50 over 3. The 5-year figure is 0.57, and annualized covariance runs at 231.2 %².
By 3-year correlation, PEP places #9 of the 34 assets tracked against CAG. Over the last 12 months PEP came out ahead by 8.2 percentage points (-9.8% against -1.6%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CAG vs PEP: side by side
| CAG (ConAgra Brands, Inc.) | PEP (PepsiCo) | |
|---|---|---|
| 1-year return | -9.8% | -1.6% |
| 5-year return | -36.6% | +4.9% |
| Volatility (ann.) | 24.2% | 19.1% |
| Beta vs S&P 500 | -0.05 | 0.13 |
| Max drawdown (3Y) | -56.7% | -27.5% |
| Market cap | $7.7B | $190.9B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 8.65% | 4.04% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | CAG | PEP |
|---|---|---|
| 2022 | +17.5% | +6.8% |
| 2023 | -22.8% | -3.3% |
| 2024 | +1.5% | -7.6% |
| 2025 | -33.3% | -1.8% |
| 2026 | -2.1% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and PEP good diversifiers for each other?
Only partially. A correlation of 0.50 means CAG and PEP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CAG and PEP?
The CAG/PEP correlation stands at 0.50 on a 3-year window (1 year: 0.49, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is PEP a good diversifier for CAG?
Only partially. A correlation of 0.50 means CAG and PEP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cag-vs-pep.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cag-vs-pep/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAG correlations · PEP correlations
